(LOSS) EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022


18. (LOSS) EARNINGS PER SHARE

The reconciliations of the net income (loss) and the weighted average number of shares used in the computations of basic and diluted loss (earnings) per share attributable to Jushi shareholders are as follows:


	Year Ended December 31,
		2022		2021		2020
Numerator:
Net (loss) income and comprehensive (loss) income attributable to Jushi shareholders		$	(202,324)	$	20,251	$	(210,607)
Dilutive effect of net income from derivative warrants		(91,887)		(104,594)		—
Net loss and comprehensive loss attributable to Jushi shareholders - diluted		$	(294,211)	$	(84,343)	$	(210,607)

Denominator:
Weighted-average shares of common stock - basic		190,021,550		170,292,035		108,485,158
Dilutive effect of derivative warrants		14,213,882		31,318,216		—
Weighted-average shares of common stock - diluted		204,235,432		201,610,251		108,485,158

(Loss) earnings per share - basic		$	(1.06)	$	0.12	$	(1.94)
(Loss) earnings per share - diluted		$	(1.44)	$	(0.42)	$	(1.94)

In August 2021, all the 149,000 previously issued and outstanding Super Voting Shares and all the 4,000,000 previously outstanding Multiple Voting Shares were converted into SVS in accordance with their terms as described in Jushi Holdings Inc.’s Articles of Incorporation. Refer to Note 15 - Equity. The number of basic and diluted weighted-average shares outstanding for 2021 assumes the conversion of the Multi Voting Share and Super Voting Shares into SVS as of the beginning of the year. Other than voting rights, the Multi Voting Shares and Super Voting Shares had the same rights as the SVS and therefore all these shares are treated as the same class of common stock for purposes of the earnings (loss) per share calculations.

The following table summarizes equity instruments that may, in the future, have a dilutive effect on loss per share, but were excluded from consideration in the computation of diluted net loss per share for the years ended December 31, 2022, 2021 and 2020 because the impact of including them would have been anti-dilutive:


	December 31,
	2022	2021	2020
Stock options	30,752,259	20,429,120	9,573,834
Non-derivative warrants	30,673,635	29,156,048	36,764,244
Unvested restricted stock awards	1,156,319	2,859,151	6,438,186
Convertible promissory notes	—	910,000	930,000
	62,582,213	53,354,319	53,706,264